On 4th Oct 2024, Indian investors saw ₹5.5 lakh crore wiped out as Sensex dropped 860 points within hours. Banking, finance, and IT sectors were impacted.
By 9:50 AM, Sensex was down 860 points at 78,864.57, while Nifty dropped 273 points to 24,031, showing a weak start amid global concerns.
Investor sentiment was hit by uncertainties surrounding the U.S. election on Nov 5. Expected policy shifts added volatility, with global effects on markets.
Ahead of the Nov 7 Federal Reserve meeting, potential rate cuts add investor caution. Uncertainty weighed on foreign investments in Indian markets.
Weak Q2 earnings from Indian companies triggered a sell-off by FIIs. Sustained pressure is expected as growth falls below estimates.
Banking, financial, and IT sectors faced losses. Stocks like Reliance, Infosys, and ICICI Bank collectively contributed 420 points to the Sensex drop.